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US Diesel Exports To Europe At Multi-Year High In May

OIL PRODUCTS

US diesel exports to Europe have risen to the highest level since August 2019 so far this month, partly because shippers tried to avoid congestion at the Panama Canal, diverting shipments according to Kpler data compiled by Bloomberg.

  • US diesel flows to Europe almost doubled on the month to 296kbpd so far this month.
  • During the first ten days of May, US Gulf coast diesel exporters shipped 464kbpd of diesel to Europe, Kpler data showed.
  • Gulf Coast volumes to West Coast Latin America fell to 160kbpd at the same time, the lowest level since May 2020.
  • The Panama Canal strait faced congestions because of an eight-day maintenance at Pedro Miguel Locks in mid-May, while tentative work is planned through mid-June according to the Panama Canal Authority.
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